- XRP’s price fell 6% to $1.44 after hitting a high of $1.63 on November 23.
- Futures market trends show increased short positions, signaling bearish sentiment among traders.
- XRP could test support at $1.33, with a potential drop to $1.15 if selling intensifies.
Ripple’s XRP, after reaching a year-to-date high of $1.63, has seen its momentum wane, prompting increased skepticism in the futures market. The token, now trading at $1.44, recorded a 6% decline in the last 24 hours, which has been accompanied by a notable drop in open interest.
Data from Coinglass reveals that XRP’s open interest has decreased by 9%, settling at $2.52 billion. This reduction suggests that traders are either closing positions to secure profits or exiting amid uncertainty, indicating weakening confidence in the rally’s continuation.
Adding to the bearish sentiment, XRP’s Long/Short ratio currently stands at 0.96, with 51% of active futures positions betting against further price gains. Analysts view this as a signal of growing pessimism, potentially foreshadowing additional downward movement in the token’s price.
What Lies Ahead for XRP’s Price?
The current price action positions $1.33 as a critical support level for XRP. If the bearish sentiment persists and selling pressure increases, the price may breach this support, potentially dropping to $1.15.
Conversely, a shift toward more optimistic market sentiment could reverse the bearish outlook. In such a scenario, XRP might reclaim its recent peak of $1.63 and aim to break above it.
While traders remain divided on XRP’s next move, the coming days will be crucial in determining whether the token consolidates or tests new highs.
